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Untitled-5 1 8/16/2010 11:14:17 AM
CAT FEEDBACK
PAPER 3
MAINTAINING FINANCIAL
RECORDS
The exam consisted of two sections.
Section A contained 20 compulsory
multiple-choice questions (MCQs) of two
marks each, and Section B contained four
compulsory questions of 15 marks each. In
both sections, around 2/3 of the available
marks were for computation and 1/3 of
the marks were for questions requiring a
narrative response.
It is encouraging that the vast
majority of candidates answered all
24 questions, indicating that most
candidates had developed good time
management skills. The fact that the
pass rate increased as compared to
previous sittings is also a welcome
development, indicating that the advice
in previous reports that candidates
must study across the syllabus has
been noted.
It is pleasing to note that, at this
sitting, the number of candidates having
difficulty with the theoretical aspects
of the syllabus was reduced. This is
further welcome evidence of preparation
through study of the whole syllabus.
The problem of highly targeted
preparation was evident from a number
of answers to Questions 1, 2 and 4
in Section B, where some candidates
did not complete all the requirements.
In all questions, there was evidence
of careless reading of the question
by some candidates.For example,
Question 4 (c) required the calculation
of valuation using periodic weighted
average, but a surprising number
of candidates applied the continuous
weighted average calculation. This
created two difficulties for such
candidates. First, they did not answer
the question which was on the paper,
and second, they wasted valuable time
completing the more complex (and
longer) calculations which continuous
weighted average entails.
The fact that very few scripts include
workings for computational questions
continues to a matter of surprise to
the marking team. Those candidates
who had completed workings tended
to gain higher marks that those who
did not. This was particularly evident in
Question 3 of Section B.
Candidates at future sittings
should note, however, that the term
workings refers to calculations which
are both logically presented and
clearly annotated. Annotations should
make it clear both what question
is being attempted, and what us
being calculated.
QUESTION 1
This question had four sub-parts
Parts (a), (b) and (c) were for four marks
each, and Part (d) was for three marks.
A number of candidates scored high
marks in some parts of the question,
although fewer candidates scored high
marks for the whole question.
Part (a)
This sub-part tested candidates
knowledge of the purpose of the two
main accounting statements.
While a number of candidates
provided clear and relevant comments
explaining the purpose of the income
statement/profit and loss account and
the statement of financial position/
balance sheet, number of candidates did
not appear to have a clear understanding
of the purpose of these statements.
A particularly disappointing aspect of
some answers was that some candidates
did not recognise that the income
statement/profit and loss account
summarised transactions for a period
while the statement of financial position/
balance sheet reported assets, liabilities
and capital at a particular date.
Part (b)
By testing the application of the
accounting equation, combined with the
difference between revenue expenditure
and capital expenditure, this question
required logical thinking and application
of knowledge. It was potentially the
most difficult aspect of the exam paper.
Although only four marks were available,
there were at least 10 valid points which
could have been made.
Those candidates who thought about
the scenario and worked out a logical
answer scored very good marks.
Where candidates did not score good
marks, the reason was invariably a
careless reading of the question, resulting
in answers which either referred to only
the year in which the error as made, or a
list of comments without any indication as
to which year the answer was discussing.
Part (c)
The impact of errors on the trial
balance was tested in Part (c). A large
number of candidates were able to
provide clear explanations of errors
and therefore obtained full marks.
The most common reason that some
candidates did not score well in this
part was that they provided incorrect
answers, so that errors which would not
be detected by extracting a trial balance
were identified as errors which would
be detected, and vice versa.
This is disappointing as the impact of
errors is a fundamental aspect of the
syllabus for this paper.
Part (d)
This sub-part required demonstration
of knowledge of double entry
book-keeping. This is another
fundamental aspect of the syllabus.
The vast majority of candidates
obtained the full three marks, which was
welcome. What was a little surprising
was the fact that some candidates did
not attempt the question at all.
QUESTION 2
In previous sittings, the topic of
reconciliations is one in which many
candidates have been able to obtain full
marks by adopting a careful approach
and thinking logically. This was again
the case at this sitting.
What was less encouraging was the
fact that some candidates do not seem
to have obtained the knowledge which
is fundamental to this paper. This has
already been noted above in comments
on Parts (c) and (d) of Question 1.
Here, a major disappointment was
that some candidates did not attempt
Part (c) (which required a journal
entry to be drafted) at all. Of even
greater concern was the fact that some
candidates did not present the journal
entry in an acceptable format (the
most common problem being that no
narrative was included) while some
answers presented an entry in which
the debit and credit total did not have
the same value. The most common
reason that some candidates did not
obtain marks for Part (c) was that
incorrect ledger accounts were used.
In Parts (a) and (b), the most
common errors were the same as
those noted at previous sittings.
These were:
entries made in the ledger account in
respect of errors which only affected
the listing of balances, and vice versa
incorrect value attributed to ledger
entries and adjustments to the
listing particularly in relation to the
discount and the credit note.
In one or two cases the total of the list
of balances was used as the starting
point for the ledger account, and
the ledger account balance was used as
the starting point for the reconciliation
of the list of balances. Given that the
question explicitly provided these values,
the only conclusion is that, in such
cases, candidates did not take sufficient
care in reading the question.
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Untitled-5 2 8/16/2010 11:15:07 AM
THE FACT THAT, OVERALL, CANDIDATES ACHIEVED
A HIGHER PROPORTION OF MARKS IN PAPER 3
SECTION B THAN IN SECTION A IS A FURTHER
INDICATION THAT SOME CANDIDATES ARE STILL NOT
STUDYING THE WHOLE SYLLABUS.
QUESTION 3
This question tested candidates ability
to prepare final accounts from a trial
balance, incorporating a number of
post trial balance adjustments. The
structure of the question was intended
to male this overall task a little more
straightforward through the use of a
number of sub-parts relating to specific
sections of the accounts.
Overall candidate performance was
good. Many candidates were able to
calculate gross profit correctly and thus
obtain full marks in Part (a). In some
cases, this encouraging start to the
answer did not continue, with a lower
proportion of the available marks being
awarded in each successive sub-part.
This indicates that, although such
candidates had studied the topic, they
had not done so in sufficient depth.
The most common reasons that some
candidates did not score good marks in
each sub-part were:
Gross profit
the values for opening and closing
inventory/stock were switched
inclusion of carriage outwards
instead of carriage inwards as
a cost
omission of carriage inwards
inclusion of costs which should be
deducted from gross profit as part
of the calculation
Net profit
incorrect calculation of the
adjustments for accrual,
prepayment and depreciation
omitting the adjustment for accrual
or prepayment
using the straight line method to
calculate the depreciation cost for
both categories of asset
omission of depreciation cost
treating accumulated depreciation
brought forward as the
depreciation cost
including assets or liabilities
as costs
Non-current/fixed assets
exclusion of depreciation altogether
only including depreciation brought
forward in calculation
Current assets/current liabilities
omission of prepayment or
accrual altogether
value for prepayment or accrual
different to the adjustment made to
the cost on the trial balance
omission of other items
incorrect items included.
QUESTION 4
The most interesting aspect of many
answers to this question on the topic
of valuation of inventory/stock was
that a number of candidates who were
able to obtain very good marks for
the calculation of both cost and net
realisable value in Part (b) were unable
to provide explanations of these terms.
This suggests that study of this topic
was on the basis of rote learning of
calculations with little consideration
of the basis of the calculation. It
is harder to speculate on why a few
candidates referred to depreciation in
their explanation of net realisable value.
A good number of candidates were
able to obtain full marks for Part (b), but
a disappointing number did not seem
able to differentiate between costs which
had already been incurred (and thus
should included in the calculation of
cost) and costs which were expected to
be incurred (and thus should be included
in the calculation of net realisable value).
As noted above, the most common
problem in some answers to Part (c)
was the use of continuous weighted
average, but two other reasons led to a
few candidates not obtaining marks. The
first of these was the calculation of the
final value based on a simple average of
cost per unit, and the second was the
omission of the opening volume or value
of inventory/stock from the calculation.
PAPER 4
ACCOUNTING FOR COSTS
This two-hour paper consisted of 20
multiple-choice questions for a total of 40
marks (Section A) and four longer-form
questions worth a total of 60 marks
(Section B).
A lot of very high marks were
achieved by well-prepared candidates.
Many others, unfortunately, seemed to
be insufficiently prepared for the exam
and made little or no attempt at various
parts of the paper.
Presentation of answers to Section B
questions was, at times, poor with
unclear labeling of parts of questions.
Adequate workings were generally
provided and enabled appropriate marks
to be awarded.
It appeared that many candidates
had failed to read, or to consider,
sufficiently carefully the specific
requirements of some of the questions,
which will be illustrated in the specific
question comments below. This often
resulted in unnecessary work being
carried out which almost certainly
prevented some candidates from
making a reasonable attempt at all of
the questions.
The comments that follow relate
to each of the longer-form questions
in Section B of the paper.
QUESTION 1
This question was primarily on the
subjects of joint cost apportionment
in process costing (Part (a)) and
justification for further processing
(Part (b)). Answers to Part (a) were
generally reasonable although a very
large number of candidates failed to
read the question carefully. Part (b) was
much less well answered.
Part (a)(i) required candidates
to calculate the total net profit or
loss of the common process. Many
candidates calculated a profit/loss for
each product, which was not necessary,
but not the total for the process,
which not only wasted valuable time
but also did not answer the question.
A second very frequent error was to
calculate profit as sales revenue less
administration and selling expenses
only, leaving out the joint process costs.
In answer to Part (a)(ii), where the
net profit/loss for Product A only was
required, many candidates calculated
the profit/loss for each of the three
products. At times this was calculated
as sales less administration and selling
expenses only, without sharing the
joint process costs, or was net of the
joint costs but not including the
administration and selling expenses.
Many others simply calculated the joint
process cost apportionment, again
frequently to each of the three products
rather than Product A only, with no
attempt to calculate profit/loss.
While some candidates who
apportioned the joint costs were able
to apply the sales value method of
apportionment, as was clearly specified
by the question requirement, a variety of
other apportionment methods were used.
The use of net realisable value (sales less
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AUDIT INTERNATIONAL
Knowledgeof newexaminableregulationsissuedby
30Septemberwillbeexaminableinexamsessionsbeingheld
inthefollowingcalendaryear.Documentsmaybeexaminable
evenif theeffectivedateisinthefuture.Thismeansthatall
regulationsissuedby30September2009willbeexaminableat
theDecember2010session.
TheStudy Guideoffersmoredetailedguidanceonthe
depthandlevelatwhichtheexaminabledocuments
willbeexamined.TheStudy Guideshouldthereforeberead
inconjunctionwiththeexaminabledocumentslist.For
informationabouttheexaminabilityof theclarityauditing
standards,seepage68.
PAPER F8, AUDIT AND ASSURANCE (INT)
TheaccountingknowledgethatisassumedforPaperF8,Audit
and AssuranceisthesameasthatexaminedinPaperF3,
Financial Accounting.Therefore,candidatesstudyingfor
PaperF8shouldrefertotheaccountingstandardslistedinthe
PaperF3sectiononpage60.
PAPER P7, ADVANCED AUDIT AND ASSURANCE (INT)
TheaccountingknowledgethatisassumedforPaperP7,
Advanced Audit and Assuranceisthesameasthatexaminedin
PaperP2,Corporate Reporting.
Therefore,candidatesstudyingforPaperP7shouldreferto
theaccountingstandardslistedunderPaperP2onpage60.
PaperP7willonlyexpectknowledgeof accountingstandards
andfinancialreportingstandardsfromPaperP2.
Knowledgeof ExposureDraftsandDiscussionPaperswill
notbeexpected.
International Standards on Auditing (ISAs)
F8 P7
Glossaryof Terms
InternationalFrameworkforAssurance
Assignments
PrefacetotheInternationalStandardson
QualityControl,Auditing,Review,Other
AssuranceandRelatedServices
ISA200 ObjectiveandGeneralPrinciples
GoverninganAuditof Financial
Statements
ISA210 Termsof AuditEngagements
ISA220 QualityControlforAuditsof Historical
FinancialInformation
ISA230 AuditDocumentation
ISA240 TheAuditorsResponsibilitiesRelatingto
FraudinanAuditof Financial
Statements
ISA250 Considerationof LawsandRegulations
inanAuditof FinancialStatements
ISA260 CommunicationwithThoseCharged
withGovernance
ISA265 CommunicatingDeficienciesin
InternalControltoThoseChargedwith
GovernanceandManagement
ISA300 PlanninganAuditof Financial
Statements
ISA315 IdentifyingandAssessingtheRisksof
MaterialMisstatementThrough
UnderstandingtheEntityand
itsEnvironment
ISA320 MaterialityinPlanningandPerforming
anAudit
ISA330 TheAuditorsResponsestoAssessed
Risks
ISA402 AuditConsiderationsRelatingtoan
EntityUsingaServiceOrganisation
ISA450 Evaluationof MisstatementsIdentified
DuringtheAudit
ISA500 AuditEvidence
ISA501 AuditEvidenceSpecificConsiderations
forSelectedItems
ISA505 ExternalConfirmations
ISA510 InitialAuditEngagements
OpeningBalances
ISA520 AnalyticalProcedures
ISA530 AuditSampling
ISA540 AuditingAccountingEstimates,Including
FairValueAccountingEstimatesand
RelatedDisclosures
AUDIT
STUDENT ACCOUNTANT ESSENTIAL EXAM GUIDE 10/2010
61
F8 P7
ISA550 RelatedParties
ISA560 SubsequentEvents
ISA570 GoingConcern
ISA580 WrittenRepresentation
ISA600 SpecialConsiderationsAuditsof Group
FinancialStatements(IncludingtheWorkof
ComponentAuditors)
ISA610 UsingtheWorkof InternalAuditors
ISA620 UsingtheWorkof anAuditorsExpert
ISA700 ForminganOpinionandReportingon
FinancialStatements
ISA705 ModificationstotheOpinioninthe
IndependentAuditorsReport
ISA706 Emphasisof MatterParagraphsand
OtherMatterParagraphsinthe
IndependentAuditorsReport
ISA710 ComparativeInformationCorresponding
FiguresandComparative
FinancialStatements
ISA720 TheAuditorsResponsibilitiesRelatingto
OtherInformationinDocuments
ContainedinAuditedFinancial
Statements
ISA800 SpecialConsiderationsAuditsof
FinancialStatementsPreparedin
AccordancewithSpecialPurpose
Frameworks
International Auditing Practice Statements (IAPSs)
F8 P7
IAPS1000 Inter-bankConfirmationProcedures
IAPS1010 TheConsiderationof Environmental
MattersintheAuditof Financial
Statements
IAPS1013 ElectronicCommerce:Effectonthe
Auditof FinancialStatements
IAPS1014 ReportingbyAuditorsonCompliance
withInternationalFinancialReporting
Standards
International Standards on Assurance Engagements
(ISAEs)
F8 P7
ISAE3000 AssuranceEngagementsOtherThan
AuditsorReviewsof Historical
FinancialInformation
ISAE3400 TheExaminationof Prospective
FinancialInformation
International Standards on Quality Control (ISQCs)
F8 P7
ISQC1 QualityControlforFirmsthatPerform
AuditsandReviewsof Historical
FinancialStatementsandOther
AssuranceandRelatedServices
Engagements
International Standards on Related Services (ISRSs)
F8 P7
ISR4400 EngagementstoPerformAgreed-upon
ProceduresRegardingFinancial
Information
ISR4410 EngagementstoCompileFinancial
Information
International Standards on Review Engagements (ISREs)
F8 P7
ISRE2400 EngagementstoReviewFinancial
Statements
ISRE2410 Reviewof InterimFinancialInformation
PerformedbytheIndependentAuditor
of theEntity
Other Documents
F8 P7
ACCAsCodeof EthicsandConduct
IFACsCodeof EthicsforProfessional
Accountants(RevisedJuly2009)
FFEIntegrityinProfessionalEthics:
ADiscussionPaper
ACCAsTechnicalFactsheet94Anti-money
Laundering(Proceedsof Crimeand
Terrorism)
TheCombinedCode(of theCommittee
onCorporateGovernance)asanexample
of acodeof bestpractice
IAASBClarityProjectUpdate
(October2008)
IAASBPracticeAlert,ChallengesinAuditing
FairValueAccountingEstimatesinthe
CurrentMarketEnvironment
(October2008)
IAASBPracticeAlert,AuditConsiderationsin
Respectof GoingConcernintheCurrent
EconomicClimate(January2009)
IAASBApplyingISAsProportionatelywiththe
SizeandComplexityof anEntity
62 EXAM NOTES
TAX
PAPER F6, TAXATION (UK)
The following notes refer to Paper F6 (UK) only. Guidance
for other variant papers where available is published on the
ACCA website.
EXAMINABLE LEGISLATION
Legislation which received Royal Assent on or before
30 September annually, will be assessed in the following
year. Therefore, exams in December 2010 will be assessed
on legislation which received Royal Assent on or before
30 September 2009.
FINANCE ACT
The latest Finance Act which will be examined in Paper F6
(UK) at the December 2010 session is the Finance Act 2009.
With regard to prospective legislation when, for example,
provisions included in the Finance Act will only take effect
at some date in the future, such legislation will not normally
be examined until such time as it actually takes effect.
The same rule applies to the effective date of the provisions
of an Act introduced by statutory instrument.
The following relevant articles have been published
in Student Accountant and are also available on the
ACCA website:
Finance Act 2009 September 2009
Adjustment of profit questions November 2009
Examiners approach to Paper F6 (UK) January 2007.
SUPPLEMENTARY INSTRUCTIONS
The following supplementary instructions will be included in
the December 2010 exam:
calculations and workings need only be made to the
nearest
all apportionments should be made to the nearest month
all workings should be shown.
TAX RATES AND ALLOWANCES
The following tax rates and allowances will be reproduced in
the exam paper for Paper F6 (UK). In addition, other specific
information necessary for candidates to answer individual
questions will be given as part of the question. For example,
in the case of corporate chargeable gains, the relevant retail
prices index for particular dates will be given at the end of
the relevant question.
Income Tax
%
Basic rate 137,400 20
Higher rate 37,401 and above 40
A starting rate of 10% applies to savings income where it falls
within the first 2,440 of taxable income.
Personal Allowances
Standard 6,475
6574 9,490
75 and over 9,640
Income limit for age-related allowances 22,900
Car Beneft Percentage
The base level of CO
2
emissions is 135 grams per kilometre.
A lower rate of 10% applies to cars with CO
2
emissions
of 120 grams per kilometre or less.
Car Fuel Beneft
The base figure for calculating the car fuel benefit is 16,900.
Pension Scheme Limits
Annual allowance 245,000
The maximum contribution that can qualify for tax relief
without evidence of earnings is 3,600.
Authorised Mileage Allowances: Cars
Up to 10,000 miles 40p
Over 10,000 miles 25p
Capital Allowances:
Plant and Machinery
%
General pool first-year allowance 40
writing-down allowance 20
Special rate pool 10
The first-year allowance of 40% applies to expenditure during
the period 6 April 2009 to 5 April 2010 (1 April 2009 to
31 March 2010 for limited companies).
Motor cars
CO
2
emissions up to 110 grams per kilometre 100
CO
2
emissions between 111 and 160 grams per kilometre 20
CO
2
emissions over 160 grams per kilometre 10
Annual investment allowance
First 50,000 of expenditure 100
Industrial Buildings Allowance
Writing-down allowance 2
Corporation Tax
FinancialYear 2007 2008 2009
Small companies rate 20% 21% 21%
Full rate 30% 28% 28%
Lower limit () 300,000 300,000 300,000
Upper limit () 1,500,000 1,500,000 1,500,000
Marginal relief fraction 1/40 7/400 7/400
TAX
STUDENT ACCOUNTANT ESSENTIAL EXAM GUIDE 10/2010
63
FINANCE ACT
The latest Finance Act which will be examined in Paper P6
(UK) at the December 2010 session is the Finance Act 2009.
With regard to prospective legislation when, for example,
provisions included in the Finance Act will only take effect
at some date in the future, such legislation will not normally
be examined until such time as it actually takes effect. The
same rule applies to the effective date of the provisions of
an Act introduced by statutory instrument.
The following relevant articles have been published
in Student Accountant and are also available on the
ACCA website:
Finance Act 2009 September 2009
Examiners approach to Paper P6 (UK) June/July 2007
Trusts and tax for P6 (UK) February 2010
Corporation tax for P6 (UK) January 2010
Capital gains tax and inheritance tax for P6 (UK)
March 2010
International travellers for P6 (UK) February 2010
Corporation tax for groups for P6 (UK) January 2010.
SUPPLEMENTARY INSTRUCTIONS
The following supplementary instructions will be included in
the December 2010 exams:
you should assume that the tax rates and allowances
for the tax year 2009/10, and for the financial year to
31 March 2010, will continue to apply for the foreseeable
future, unless you are instructed otherwise
calculations and workings need only be made to the
nearest
all apportionments should be made to the nearest month
all workings should be shown.
TAX RATES AND ALLOWANCES
The following tax rates and allowances will be reproduced in
the exam paper for Paper P6 (UK). In addition, other specific
information necessary for candidates to answer individual
questions will be given as part of the question.
Income Tax
%
Basic rate 137,400 20
Higher rate 37,401 and above 40
A starting rate of 10% applies to savings income where it falls
within the first 2,440 of taxable income.
Personal Allowances
Standard 6,475
6574 9,490
75 and over 9,640
Income limit for age-related allowances 22,900
Car Beneft Percentage
The base level of CO
2
emissions is 135 grams per kilometre.
A lower rate of 10% applies to cars with CO
2
emissions
of 120 grams per kilometre or less.
Marginal Relief
(M - P) x I/P x Marginal relief fraction
Extended loss relief
Extended loss relief is capped at a maximum of 50,000. For
limited companies it applies to loss making accounting periods
ending between 24 November 2008 and 23 November 2010.
Value Added Tax
Standard rate up to 31 December 2009 15%
Standard rate from 1 January 2010 onwards 17.5%
Registration limit 68,000
Deregistration limit 66,000
Capital Gains Tax
Rate of tax 18%
Annual exemption 10,100
Entrepreneurs relief
Lifetime factor 1,000,000
Relief factor 4/9ths
National Insurance Contributions (not contracted out rates)
%
Class 1 Employee 15,715 per year Nil
5,71643,875 per year 11.0
43,876 and above per year 1.0
Class 1 Employer 15,715 per year Nil
5,716 and above per year 12.8
Class 1A 12.8
Class 2 2.40 per week
Class 4 15,715 per year Nil
5,71643,875 per year 8.0
43,876 and above per year 1.0
Rates of Interest (assumed)
Official rate of interest 4.75%
Rate of interest on underpaid tax 2.5%
Rate of interest on overpaid tax 0.0%
PAPERP6,ADVANCEDTAXATION(UK)
The following notes refer to Paper P6 (UK) only. Guidance for
other variant papers where available are published on the
ACCA website.
EXAMINABLE LEGISLATION
Legislation which received Royal Assent on or before
30 September annually, will be assessed in the following
year. Therefore, exams in December 2010 will be assessed
on legislation which received Royal Assent on or before
30 September 2009.
64EXAM NOTES
Car Fuel Beneft
The base figure for calculating the car fuel benefit is 16,900.
Pension Scheme Limits
Annual allowance 245,000
Lifetime allowance 1,750,000
The maximum contribution that can qualify for tax relief
without evidence of earnings is 3,600.
Authorised Mileage Allowances: Cars
Up to 10,000 miles 40p
Over 10,000 miles 25p
Capital Allowances:
Plant and Machinery
%
First-year allowance 40
Writing-down allowance general pool 20
special rate pool 10
The first-year allowance of 40% applies to expenditure during
the period 6 April 2009 to 5 April 2010 (1 April 2009 to
31 March 2010 for limited companies).
Motor cars
CO
2
emissions up to 110 grams per kilometre 100
CO
2
emissions between 111 and 160 grams per kilometre 20
CO
2
emissions over 160 grams per kilometre 10
Annual investment allowance
First 50,000 of expenditure 100
Industrial Buildings Allowance
Writing-down allowance 2
Corporation Tax
FinancialYear 2007 2008 2009
Small companies rate 20% 21% 21%
Full rate 30% 28% 28%
Lower limit () 300,000 300,000 300,000
Upper limit () 1,500,000 1,500,000 1,500,000
Marginal relief fraction 1/40 7/400 7/400
Marginal Relief
(M - P) x I/P x Marginal relief fraction
Extended loss relief
Extended loss relief is capped at a maximum of 50,000.
For limited companies it applies to loss making accounting
periods ending between 24 November 2008 and
23 November 2010.
Value Added Tax
Standard rate up to 31 December 2009 15%
Standard rate from 1 January 2010 onwards 17.5%
Registration limit 68,000
Deregistration limit 66,000
Inheritance Tax
1325,000 Nil
Excess 40%
Capital Gains Tax
Rate of tax 18%
Annual exemption 10,100
Entrepreneurs relief
Lifetime factor 1,000,000
Relief factor 4/9ths
National Insurance Contributions (not contracted out rates)
%
Class 1 Employee 15,715 per year Nil
5,71643,875 per year 11.0
43,876 and above per year 1.0
Class 1 Employer 15,715 per year Nil
5,716 and above per year 12.8
%
Class 1A 12.8
Class 2 Small earnings exception limit
5,075
2.40 per week
Class 4 15,715 per year Nil
5,71643,875 per year 8.0
43,876 and above per year 1.0
Rates of Interest (assumed)
Official rate of interest 4.75%
Rate of interest on underpaid tax 2.5%
Rate of interest on overpaid tax 0.0%
Stamp Duty Land Tax
Rate
150,000 or less
1
Nil
150,001250,000 1%
250,001500,000 3%
500,001 or more 4%
1
For residential property, the nil rate band was increased
to 175,000 until 31 December 2009 after which it will
be restricted to 125,000.
Stamp duty
Shares 0.5%
STUDENT ACCOUNTANT ESSENTIAL EXAM GUIDE 10/2010
65
FINANCIAL REPORTING
PAPER 3, MAINTAINING FINANCIAL RECORDS (INT)
PAPER 6, DRAFTING FINANCIAL STATEMENTS (INT)
Knowledge of new examinable regulations issued by
30 September will be required in exam sessions being held in
the following calendar year. Documents may be examinable
even if the effective date is in the future.
The documents listed as being examinable are the latest
that were issued prior to 30 September 2009 and will be
examinable at the December 2010 session.
The Study Guide offers more detailed guidance on the
depth and level at which the examinable documents will
be examined. The Study Guide should be read in conjunction
with the examinable documents list.
International Accounting Standards (IASs)/International Financial
Reporting Standards (IFRSs)
3 6
IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 7 Statement of Cash Flows
IAS 8 Accounting Policies, Changes in
Accounting
Estimates and Errors
IAS 10 Events after the Reporting Period
IAS 16 Property, Plant and Equipment
IAS 18 Revenue
IAS 27 Consolidated and Separate Financial
Statements
IAS 37 Provisions, Contingent Liabilities
and Contingent Assets
IAS 38 Intangible Assets
IFRS 3 Business Combinations
Other Statements
3 6
Framework for the Preparation and
Presentation of Financial Statements
AUDIT
PAPER 8, IMPLEMENTING AUDIT PROCEDURES (INT)
Knowledge of new examinable regulations issued by
30 September will be examinable in exam sessions being held
in the following calendar year.
Documents may be examinable even if the effective date is
in the future.
This means that all regulations issued by
30 September 2009 will be examinable at the December
2010 session.
The Study Guide offers more detailed guidance on the
depth and level at which the examinable documents will
be examined. The Study Guide should therefore be read in
conjunction with the examinable documents list.
The accounting knowledge that is assumed for Paper 8,
Implementing Audit Procedures is the same as that examined
in Paper 1, Recording Financial Transactions and Paper 3,
Maintaining Financial Records. Therefore, candidates studying
for Paper 8 should refer to the accounting standards listed
under Paper 3. Candidates will also be expected to be
familiar with Paper 6, Drafting Financial Statements.
International Standards on Auditing (ISAs)
8
Glossary of Terms
Preface to International Standards on
Quality Control, Auditing, Review, Other
Assurance and Related Services
ISA 200 Overall Objectives of the Independent Auditor
and the Conduct of an Audit in Accordance
with ISAs
ISA 210 Agreeing the Terms of Audit
Engagements
ISA 220 Quality Control for an Audit of
Financial Statements
ISA 230 Audit Documentation
ISA 240 The Auditors Responsibilities Relating
to Fraud in an Audit of Financial Statements
ISA 260 Communication to Those Charged with
Governance
ISA 265 Communicating Deficiencies in Internal
Control to Those Charged with Governance
and Management
ISA 300 Planning an Audit of Financial
Statements
ISA 315 Identifying and Assessing the Risks of
Material Misstatement through Understanding
the Entity and Its Environment
ISA 320 Materiality in Planning and Performing
an Audit
ISA 330 The Auditors Responses to Assessed Risks
ISA 450 Evaluation of Misstatements Identified
During the Audit
ISA 500 Audit Evidence
ISA 501 Audit Evidence Specific Considerations
for Selected Items
ISA 505 External Confirmations
ISA 520 Analytical Procedures
ISA 530 Audit Sampling
ISA 540 Auditing Accounting Estimates, Including
Fair Value Accounting Estimates and
Related Disclosures
ISA 560 Subsequent Events
ISA 570 Going Concern
ISA 580 Written Representations
ISA 610 Using the Work of Internal Auditors
ISA 620 Using the Work of an Auditors Expert
ISA 700 Forming an Opinion and Reporting on
Financial Statements
ISA 705 Modifications to the Opinion in the
Independent Auditors Report
CAT: FINANCIAL
REPORTING AND AUDIT
66 EXAM NOTES
UK dividends will be taxed at 10% when they fall within the
basic rate band and 32.5% thereafter.
Personal Allowance 6,475
Car Beneft Percentage
The base level of CO
2
emissions is 135 grams per kilometre.
A lower rate of 10% applies to cars with CO
2
emissions
of 120 grams per kilometre or less.
Car Fuel Beneft
The base figure for calculating the car fuel benefit is 16,900.
Authorised Mileage Allowances: Cars
Up to 10,000 miles 40p
Over 10,000 miles 25p
Pension Scheme Limits
The maximum contribution that can qualify for tax relief
without evidence of earnings is 3,600.
Annual allowance 245,000
Rate of Interest
Official rate of interest (assumed) 4.75%
Capital Allowances:
Plant and Machinery
%
General pool first-year allowance 40
writing-down allowance 20
Special rate pool 10
The first-year allowance of 40% applies to expenditure during
the period 6 April 2009 to 5 April 2010 (1 April 2009 to
31 March 2010 for limited companies).
Motor cars
CO
2
emissions up to 110 grams per kilometre 100
CO
2
emissions between 111 and 160 grams per kilometre 20
CO
2
emissions over 160 grams per kilometre 10
Annual investment allowance
First 50,000 of expenditure 100
Industrial Buildings Allowance
Writing-down allowance 2
Corporation Tax
FinancialYear 2007 2008 2009
Small companies rate 20% 21% 21%
Full rate 30% 28% 28%
Lower limit () 300,000 300,000 300,000
Upper limit () 1,500,000 1,500,000 1,500,000
Marginal relief fraction 1/40 7/400 7/400
CAT:
TAX
ISA 706 Emphasis of Matter Paragraphs and Other
Matter Paragraphs in the Independent
Auditors Report
Other Documents
8
ACCAs Code of Ethics and Conduct
TAX
PAPER 9, PREPARING TAXATION COMPUTATIONS (UK)
The following notes refer to Paper 9 (UK) only. Guidance for
other variant papers where available is published on the
ACCA website.
EXAMINABLE LEGISLATION
Legislation which received Royal Assent on or before
30 September annually, will be assessed in the
following year.
Therefore, exams in December 2010 will be assessed
on legislation which received Royal Assent on or before
30 September 2009.
FINANCE ACT
The latest Finance Act which will be examined in Paper 9 (UK)
at the December 2010 session is the Finance Act 2009.
With regard to prospective legislation when, for example,
provisions included in the Finance Act will only take effect
at some date in the future, such legislation will not normally
be examined until such time as it actually takes effect. The
same rule applies to the effective date of the provisions of
an Act introduced by statutory instrument.
The following relevant article has been published in Student
Accountant and is also available on the ACCA website:
Finance Act 2009 September 2009.
SUPPLEMENTARY INSTRUCTIONS
The following supplementary instructions will be included in
the December 2010 exam:
calculations and workings need only be made to the
nearest
all apportionments should be made to the nearest month
all workings should be shown.
TAX RATES AND ALLOWANCES
The following tax rates and allowances are to be used in
answering the questions.
Income Tax %
Basic rate 137,400 20
Higher rate 37,401 and above 40
Note:
A starting rate of 10% applies to the first 2,440 of savings
income where such income falls within the first 2,440 of
taxable income.
STUDENT ACCOUNTANT ESSENTIAL EXAM GUIDE 10/2010
67
Marginal Relief
(M - P) x I/P x Marginal relief fraction
Value Added Tax
Standard rate up to 31 December 2009 15%
Standard rate from 1 January 2010 onwards 17.5%
Registration limit 68,000
Deregistration limit 66,000
Capital Gains Tax
Rate of tax 18%
Annual exemption 10,100
Entrepreneurs relief
Lifetime factor 1,000,000
Relief factor 4/9ths
National Insurance Contributions (not contracted-out rates)
%
Class 1 Employee 15,715 per year Nil
5,71643,875 per year 11.0
43,876 and above per year 1.0
Class 1 Employer 15,715 per year Nil
5,716 and above per year 12.8
Class 1A 12.8
Class 2 2.40 per week
Class 4 15,715 per year Nil
%
5,71643,875 per year 8.0
43,876 and above per year 1.0
CLARITY AUDITING
STANDARDS
CANDIDATES SHOULD PAY ATTENTION
TO THE EXAMINABLE DOCUMENTS
LISTED FOR THE AUDIT PAPERS TO ENSURE
STUDY OF THE CORRECT MATERIALS.
Where weekly or monthly calculations are required, the
Class 1 limits shown above should be divided by 52 (weekly)
or 12 (monthly) as applicable.
EXAMINABILITY OF THE CLARITY
AUDITING STANDARDS
RELEVANT TO CAT PAPER 8 (UK) AND (INT), AND
ACCA QUALIFICATION PAPERS F8 (UK) AND (INT), AND P7 (UK)
AND (INT)
The International Auditing and Assurance Standards
Board (IAASB) has completed its comprehensive project
to enhance the clarity of all of its International Standards
on Auditing (ISAs), known as the Clarity Project. As a result
of this, all the new clarity standards will be examinable
in the International and UK auditing exam papers from the
June 2010 exam session.
Candidates should pay careful attention to the examinable
documents listed for the audit papers, and ensure that they
are studying the correct materials for their paper. For more
details on the Clarity Project please see the article written
by the Paper P7 examiner available at www.accaglobal.com/
students/student_accountant/archive/2009/98/3243390
STUDYING PAPERS F5, F7 OR F8?
Student Accountant is pleased to be able to offer you exclusive access to
paper-specifc resources for Papers F5, F7 and F8.
If youre studying any of these papers in December 2010, sign-up to
receive study alerts for the performance management, fnancial reporting
and auditing papers to help support your studies.
To receive the alerts, subscribe at www.accaglobal.com/students/student_
accountant/direct and well send you further information.
TECHNICAL ARCHIVE ON THE ACCA WEBSITE
Access the Student Accountant technical article archive at
www.accaglobal.com/students/student_accountant/archive/. Online study
resources are available at www.accaglobal.com/students
68 EXAM NOTES
The Resources section contains
all the information you need to
enter for your December exams,
and also includes answers to your
frequentlyasked questions and
contact details for ACCA Connect
RESOURCES
70 ACCA CONNECT
For all enquiries, contact
ACCA Connect, our global
customer service centre
70 FEES
Exam fees for ACCA and CAT
Qualifcation papers and ways
to pay
71 EXAM TIMETABLES
Detailed exam timetable for the
December 2010 exam session,
and dates for June 2011 to help
with your diary planning
72 EXAM
ENTRY
Find out how to apply for your
exams online via myACCA
72 EXAM RULES
Essential advice and rules that you
should be aware of before you
take your December 2010 exams
73 FREQUENTLY-ASKED
QUESTIONS: EXAMS
Answers to your frequentlyasked
questions about exams
and exam entry
ACCA
CONNECT
FEES
ANNUAL SUBSCRIPTION 2010
Please note as a student you are required to pay an annual
subscription for each year you are registered with ACCA. This
is a separate fee to your initial registration fee. Your annual
subscription is due on 1 January irrespective of the month
you registered. For example, if you registered in December,
you will still be required to pay an annual subscription by
1 January. The payment enables ACCA to provide you with
services and support to assist you with your studies and
training as you work towards gaining your qualification.
Students who fail to pay fees when due (including exam/
exemption fees), will have their names removed from the
ACCA register. Students wishing to re-register are required
to submit any amounts unpaid at the time of their removal
in addition to the re-registration fee. No penalty fee will be
charged. Confirmation of your unpaid fees can be obtained
from your national ACCA office or ACCA Connect.
The following fees and subscriptions apply:
CAT students
Initial subscription 60
Re-registration *60
Annual subscription 60
Introductory Level exam 38
Intermediate Level exam 38
Advanced Level exam/exemption 49
ACCA Qualification and MSER students
Initial subscription 69
Re-registration *69
Annual subscription 69
Knowledge exam/exemption 55
Skills exam/exemption 69
Professional exam 81
*plus unpaid fee(s)
Affiliates
Annual subscription 99
Permanent subscription 189
Dont forget to pay your fees on time. Dates by which fees and
subscriptions must be paid and arrangements for payment
are included in your ACCA welcome pack.
CHANGE OF ADDRESS
Update your contact details online through myACCA, or let
us know your new details by writing to ACCA Connect, or
e-mail students@accaglobal.com with your change of contact
details. The change of details process can take four weeks.
For all enquiries, simply contact ACCA Connect our global
customer service centre. However you want to contact us,
by phone, fax, email or post, one of our expert advisers will
be happy to assist you.
MONDAY TO THURSDAY
Open 21 hours (closed 20.00 to 23.00)
FRIDAY
Open 20 hours (closed 20.00 to midnight)
SATURDAY
Closed
SUNDAY
Open 09.00 to 17.00 and 23.00 to midnight (all times
based on GMT/BST as appropriate)
ACCA Connect
2 Central Quay 89 Hydepark Street Glasgow
G3 8BW United Kingdom
tel: +44 (0)141 582 2000 fax: +44 (0)141 582 2222
email: students@accaglobal.com
website: www.accaglobal.com
students@
accaglobal.com
+44 (0)141
582 2000
NEW STUDENTS
Applications are normally processed
within four to six weeks of receipt in
the Glasgow office. Forms handed
in to national ACCA offices or Joint
Scheme offices will be forwarded to
Glasgow. Students who apply to register
online can track the progress of their
application on the e-business website at
https://www.acca-business.org
New students should allow adequate
time for processing and receiving official
confirmation of their registration.
Carefully read the information that you
receive with your post-registration pack
to ensure all details have been recorded
correctly. You should expect to receive:
a student registration card, a welcome
to ACCA letter, a profile letter detailing a
summary of your data held by ACCA, and
an exemption notification if applicable.
70 RESOURCES
Are your contact details up to date?
https://www.acca-business.org
E
X
A
M
T
I
M
E
T
A
B
L
E
The following dates have been
confirmed for the next two
exam sessions:
December 2010
Week 1 6 to 10 December
Week 2 13 to 15 December
June 2011
Week 1 6 to 10 June
Week 2 13 to 15 June
Exams will take place over
an eight-day period with one
session of exams each day.
The exams will be held
concurrently in five different
time zones. The base starting
times in each of these time
zones will be:
Zone 1 (Caribbean)
08.00hrs
Zone 2 (UK) 10.00hrs
Zone 3 (Pakistan and South
Asia) 14.00hrs
Zone 4 (Asia Pacific)
15.00hrs
Zone 5 (Australasia)
17.00hrs.
Local starting times will be
set falling out from these base
start times for every centre.
Details of local start times can
be found against each centre
on the Examination Centre List
accompanying your Examination
Entry Form.
Papers F1 to F3 are two-hour
exams, and Papers F4 to F9 and
P1 to P7 are three-hour exams.
Monday 6 December
1* Recording Financial
Transactions
6* Drafting Financial
Statements
F6 Taxation
P6 Advanced Taxation
Tuesday 7 December
2* Information for
Management
Control
7* Planning, Control
and Performance
Management
F4 Corporate and
Business Law
P7 Advanced Audit
and Assurance
Wednesday 8 December
3* Maintaining
Financial Records
F3 Financial Accounting
MFA Financial Accounting
F8 Audit and Assurance
Thursday 9 December
4* Accounting
for Costs
F9 Financial Management
P4 Advanced Financial
Management
Friday 10 December
5* Managing People
and Systems
F2 Management Accounting
MMA Management Accounting
P5 Advanced Performance
Management
Monday 13 December
8* Implementing Audit
Procedures
F5 Performance Management
P1 Professional Accountant
Tuesday 14 December
9* Preparing Taxation
Computations
F7 Financial Reporting
P2 Corporate Reporting
Wednesday 15 December
10* Managing Finances
F1 Accountant in Business
P3 Business Analysis
*CAT Scheme exams
LOCAL START TIMES
CAN BE FOUND BY
EACH CENTRE OF
THE EXAMINATION
CENTRE LIST.
DECEMBER 2010
AND JUNE 2011
EXAM SESSIONS
The quickest and simplest way to
register for your exams is to register
online at myACCA (https://portal.
accaglobal.com/). Registering for your
exams online means:
you get immediate confirmation of
receipt and processing of your entry
you get immediate validation of exam
entry information
you can change the exam centre
youve selected
you can change your law/tax variant
and standards or stream
should you change your mind
about which exams you feel ready
to take then you can amend your
exam selection.
Please note that you can amend your
exam selection at no extra cost up
EXAM ENTRY
until the standard exam entry closing
date of 15 October 2010 for the
December exams. If you complete
the paper-based Examination Entry Form
sent to you in August, this must be
received at ACCAs exam department in
the UK by 15 October 2010. Please note
that due to the volume of entries, you
should confirm whether your exam entry
has been received by viewing your status
on myACCA or contacting ACCA Connect.
DECEMBER 2010
S M
T W
T
F
S
28 29 30
1
2
3
4
5
6
7
8
9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31
1
JUNE 2011
S M
T W
T
F
S 29 30 31
1
2
3
4 5
6
7
8
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
1
2
STUDENT ACCOUNTANT ESSENTIAL EXAM GUIDE 10/2010
71
1 You are required to comply in all
respects with any instructions issued
by the registrar, exam supervisor,
and invigilators before and during
an exam.
2 You may not attempt to deceive the
registrar or the exam supervisor by
giving false or misleading information.
3 You are not allowed to take to your
exam desk, possess, use, or intend
to use while at that desk, any books,
notes or other materials except
those authorised by the registrar. If
you are found to have taken to your
desk, or possessed while at that
desk, unauthorised materials which
are relevant to the syllabus being
examined, it will be assumed that
you intended to use them to gain an
unfair advantage in the exam. In any
subsequent disciplinary proceedings,
it shall be for you to prove that you
did not intend to use the materials to
gain an unfair advantage in the exam.
4 You may not assist, attempt to
assist, obtain, or attempt to obtain
assistance by improper means from
any other person during your exams.
5 You are required to adhere at all times
to the Instructions to Candidates,
which you receive with your
Examination Attendance Docket.
6 You are required to comply with the
exam supervisors ruling. Supervisors
are obliged to report any cases of
irregularity or improper conduct to the
registrar. The supervisor is empowered
to discontinue your exam if you are
suspected of misconduct and to
exclude you from the exam hall.
7 You may not engage in any other
unprofessional conduct designed to
assist you in your exam attempt.
8 You are not permitted to remove
either your script booklet or your
question paper from the exam hall.
All exam scripts remain the property
of ACCA.
9 Once the exam has started, you
are not allowed to leave the exam
hall permanently until the end of
the session, and then only when
instructed by the supervisor.
These regulations are reproduced on
your Examination Attendance Docket
you should take time to familiarise
yourself with them. In order to be eligible
to sit your exams, you must sign your
docket confirming your agreement to
comply with these regulations.
Important examination rules
Mobile phones and pagers should
be switched off at all times in the
exam hall, and are not permitted
to be taken to your desk under any
circumstances. Mobile phones are not
permitted on your desk even if they
remain switched off.
Calculators taken into the exam
must comply with the regulations
stated on your Examination
Attendance Docket, ie they should
be noiseless, pocket-sized, and they
must not have a print-out facility
or graphic word display facility in
any language.
For security reasons, the exams are
held concurrently in five different
time zones. Students are therefore
not permitted to leave the hall
permanently until the end of the
exam session. Any student in breach
of this regulation will be reported.
In the exam hall
Every effort is made to ensure that you
sit your exams in the best conditions.
However, if you have a complaint
regarding the centre operation, you
should make this known to the exam
supervisor in the first instance. The
supervisor will do everything within
their power to resolve the matter
to your satisfaction there and then.
If the complaint is of a fundamental
nature, ACCA will take whatever further
remedial action it considers appropriate
in the circumstances.
EXAM RULES
THESE RULES ARE REPRODUCED ON YOUR
EXAMINATION ATTENDANCE DOCKET TAKE TIME TO
FAMILIARISE YOURSELF WITH THEM. TO BE ELIGIBLE
TO SIT YOUR EXAMS YOU MUST SIGN YOUR DOCKET
CONFIRMING YOUR AGREEMENT TO COMPLY WITH
THESE RULES.
Important information for students intending to
take exams at the December 2010 exam session
Students completing certain papers of the ACCA Qualification are eligible to apply for a BSc (Hons) in Applied Accounting
from Oxford Brookes University.
The degree must be completed within 10 years of your initial registration on to ACCAs professional qualification;
otherwise, your eligibility will be withdrawn. Check your eligibility status at www.accaglobal.com/students/bsc/.
The dates tabled below outline the forthcoming deadlines for completing the qualifying exams and the last opportunity
to submit your Research and Analysis Project (RAP):
First session (1) Final session for completing the qualifying exams (2) Final date for submission of RAP
December 2000 June 2010 November 2010
June 2001 December 2011 May 2011
Notes
1 First applicable exam session as confirmed at the time of your initial registration with ACCA.
2 Completion of Fundamentals Level exams.
Professional Ethics module
Students wishing to submit their Research and Analysis Project (RAP) must complete the Professional Ethics module.
For more information visit www.accaglobal.com/students/bsc/
OXFORD BROOKES BSc(HONS)
72RESOURCES
EXAM RULES
Can I take the ACCA Qualifcation exams in
any order?
You can attempt up to a maximum of
four papers per exam cycle. Papers must
be taken in line with the following module
order, however you can attempt the
papers within each module in any order:
There are two exam cycles per year:
1 February 31 July and 1 August
30 January.
Knowledge (F1F3) available by
computer-based exam (CBE) or
paper-based format
Skills (F4F9) available by
paper-based format
Essentials (P1P3) available by
paper-based format
Options (P4P7) available by
paper-based format
If your status allows you to enter
for papers across modules, please
remember that you must complete
the papers in order and enter for
outstanding papers in your current
module if you wish to enter to sit papers
in the next module.
How will I know when to enter for exams?
ACCA exams are held twice a year
in June and December. Providing you keep
your annual subscription up to date, we
will automatically send you an exam entry
form for the next exam session, along
with any exam results you may be waiting
for from the previous exam session, and a
status report. We will usually send these
mid-February for the June exams and
mid-August for the December exams and
you have until 15 April for June exams
and 15 October for December exams to
register for the exams.
What are the closing dates for submitting
exam entry forms each session?
The closing dates are 15 April for June
exams and 15 October for December
exams and the quickest and easiest
way to register for exams is online at
myACCA. If you are sending a postal
exam entry, please submit this as early
as possible as ACCA cannot accept
responsibility for delays caused by postal
delivery services. Your Exam Entry Form
needs to be received by ACCA by the
closing dates. Please check with your
local postal delivery service for delivery
times in the first instance or check the
ACCA website for guidance.
I wish to submit a paper exam entry form
but I cannot fnd the original. How can I get
a replacement or can I send my entry in a
letter or by email?
If you wish to submit a paper exam
FREQUENTLY-ASKED
QUESTIONS: EXAMS
entry form but cannot find the original
you will need to make a request to
ACCA Connect in writing, either by
post or email, marked request for
duplicate exam entry form. Students
should allow enough time to receive
the duplicate exam entry form and
return it to ACCA before the exam entry
closing date.
Only standard entry forms can
be accepted for processing. Due to the
complexity of the information that must
be collected, the risk of error and the
volume of entries received each session,
it isnt possible for ACCA to manually
process exam entries from letters,
emails, faxes or print outs from myACCA
screens. Please do not write credit card
details on any correspondence being
sent to ACCA other than on the official
paper exam entry form, otherwise
these details cannot be stored securely.
Can I still sit my exams if I miss the exam
entry closing date?
If you are a registered student and
have missed the regular exam entry
closing date, you have up to three weeks
to submit your exam entry through
the online late exam entry process at
myACCA. There is an extra charge to use
this service. Please note that this is only
an online service, we cannot process late
paper exam entry forms during this time.
The deadlines for this service are 8 May
for the June exams and 8 November for
the December exams.
How do I know if I am entered for the exams?
An email is sent at the end of the online
exam entry process. If you do not
receive this, please check your myACCA
account to see if your exam entry has
been successful and retry if funds have
not been collected and your exam entry
does not show. If you send in a postal
exam entry form and have opted for an
email acknowledgement, you should
receive this as soon as your exam entry
is processed. If you do not receive this
and have confirmation of your exam
entry, please check that ACCA has your
correct email address. If you have
opted not to receive an email version of
your acknowledgement, a postal version
will be sent to you. In addition, once
you have been entered for the exams,
you can login and view your details on
your myACCA account by accessing the
exam entry section.
If I am not sure if you have received my
exam entry, should I submit another one?
You should only submit one exam entry
form per exam session. If you have
submitted an online exam entry form
then you should not also submit a postal
exam entry form. Similarly, if you have
submitted a paper form, then there is no
need to also submit an online exam entry.
Duplicate submissions may invalidate
your exam entry. To check to see if your
exam entry has been processed, please
visit myACCA in the first instance and
visit the exam entry section. If your exam
entry details are not recorded, please
contact ACCA Connect.
How do I fnd out where to go on exam day?
You will receive an Exam Attendance
Docket by post which will confirm the
details of your exam entry. This will
include the address of the venue for
the centre you have been allocated,
the papers you have entered and the
desk number you should be directed
to at the venue. The exam attendance
dockets are issued approximately four
weeks prior to the start of the exam
session. If you do not receive your
postal version, you can also log on to
your myACCA account two weeks before
the exams to download a duplicate
docket if required.
Will I be able to sit my exams at the centre
that I have requested?
In the vast majority of cases, you will be
allocated to the centre of your choice.
On very rare occasions, when demand
exceeds capacity ACCA may have to
allocate you to the nearest alternative
centre. Clear notification of this will be
provided with your exam attendance
docket. In some cities, where demand is
very high, students may be allocated to
one of a number of different halls which
make up a centre. As these halls can be
in different locations, it is very important
that you read the venue details on your
attendance docket very carefully.
I would like to change my exam entry on
myACCA, is this possible?
Yes. Via myACCA you can:
go back and change the exam centre
youve selected
change your law/tax variant and
standards/stream
add or remove exam selections you
may have previously made
get immediate confirmation of receipt
and processing of your exam entry
get immediate validation of exam
entry information.
You can make these changes up to the
exam entry closing date, irrespective of
whether you entered for exams online or
submitted a paper exam entry form.
STUDENT ACCOUNTANT ESSENTIALEXAMGUIDE10/2010
73
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T +44 (0)20 7407 1119
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200 Great Dover Street, London SE1 4YB
For more inFormAtion
W www.londoncollege.org
t +44 (0)20 7407 1119
F +44 (0)20 7407 1004
e info@londoncollege.org
200 Great Dover Street, London Se1 4YB
For more inFormAtion
The best thing about LCA is the lecturers.
Each of my lecturers plays a prominent
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ACCA Student Malaysia
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This prestigious building has been
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